One unexpected bill or expense can throw your entire month’s budget off. If you’re searching for the right financial help to get you through this tough time, it may be time to use your asset to your advantage. If you own a vehicle or are close to paying one off, you may be able to use your vehicle’s title to get the cash you need through a car title loan!
If your financial situation needs fast fixing, you might be wondering- how much can I get for a title loan on my car? The answer is that it depends on a few factors!
How Do Title Loans on My Car Work?
If you need emergency cash, you may be able to use your car to get a title loan! An asset like a vehicle, home, or even jewelry can be used as collateral for an alternative loan. For a title loan, a borrower’s vehicle title will be the collateral for the loan.
Since collateral is used to secure the funds, a borrower’s credit history will not be the focus of the approval process. Title loans can be one of the most flexible alternative loans to apply for because of this reason! Borrowers from all different kinds of credit histories and financial backgrounds could potentially apply for cash.
A title loan is a secured loan, which can offer a borrower more benefits besides fast cash and high approval rates. Unlike traditional loans, a secured loan can offer more funding if the collateral has a higher value! While traditional loans will base the loan amount on the borrower’s credit history and income, a secured loan like a title loan can allow a borrower to access more of their collateral’s value if their income supports it.1
What Amount Can I Get for a Title Loan on My Car?
A qualifying car is the first requirement for a car title loan. To apply for a car title loan with options like ChoiceCash Title Loans, all you will need is a car with enough equity in your name and a steady source of income each month.
Both factors will determine what your loan amount can be! These factors will impact your loan amount because of a few key details:
- Monthly Income: During the approval process for a car title loan, a loan agent will look at your income to determine how much you can afford realistically with a loan payment. Your title loan payments should be affordable to your budget. This can make the repayment process easier.
- The Equity in Your Vehicle: Equity is the difference between what you owe on the car and the market value of it. Since your vehicle is used as collateral during the approval process, the value of your car will directly impact how much you can get for a title loan on your car.
Most vehicle owners do not know what they can get for a title loan on their car because they do not know what their vehicle’s equity currently is. Luckily, ChoiceCash Title Loans can offer an online title loan calculator! This tool allows a borrower to find out their vehicle’s equity and get a free title loan quote in no time at all!1
While you might be wondering- how much can I get for a title loan on my car? ChoiceCash title Loans can do the hard work for you!
Do I Need a 9-5 Job to Apply for a Title Loan on My Car?
If you do not have a traditional 9-5 employment, you may have been turned down for other types of funding. A title loan can be a different experience to apply for, however. A borrower does not need a 9-5 job to apply for a car title loan!
While proof of income is required, a 9-5 is not. Some of the alternative forms of income that can be accepted are:
- Worker’s Compensation
- Pension Income
- SSI or Disability Income
- Retirement Income or Annuities
- Settlement Income
Even if you do not have a traditional 9-5 job, you may still qualify for a car title loan!1
What Documents Do I Need to Get for a Title Loan on My Car?
With loan options like ChoiceCash Title Loans, you can apply for your cash online. The entire approval process can be convenient, and just a few steps!
For a loan agent to verify your information during the approval process and speed things along, a few documents will need to be submitted on your behalf. Typically, you can expect to need these documents handy when you apply for a car title loan:
- Proof of Income
- Proof of Address
- Government or State Issued ID
- Car Title in Your Name
- A Few Photos of the Vehicle and Odometer
Luckily, you can submit all these documents online for your convenience!
What are the Features and Benefits of a Car Title Loan?
If you aren’t sure what you can get for a title loan on your car, you may be surprised to know that there are more benefits than just cash! ChoiceCash Title Loans can offer borrowers a lot more than funds to help them get through the month.
With ChoiceCash Title Loans, borrowers can expect to take advantage of these benefits:
- Fast Funds: If you’re in a financial emergency, you need a loan that can work with your pace. Qualified borrowers can get their cash in as little as 24 hours with ChoiceCash Title Loans!1
- Keep Your Keys: While the title of your vehicle will be used to secure your cash, you do not have to give up your normal driving routine! If you keep making on time payments to your loan, you can keep driving like it is business as usual.
- More Time to Pay: If you need more time to pay, you’ve got options! ChoiceCash Title Loans can give qualified borrowers more time to pay if they need it.
Where Can I Get a Title Loan on My Car?
One of the questions that many future borrowers have before they apply for a loan is often, “how much can I get for a title loan on my car?”
Your car may be worth more than you might think! Find out if your vehicle qualifies for a car title loan today by submitting a loan inquiry online through the website. Or, give a ChoiceCash Title Loan agent a call personally at 855-915-2945. It can take no time at all to see if you qualify for the financial help you need.1